UOB launches instant home loan approval service at showflats
United Overseas Bank (UOB) on Thursday launched instant home loan approval services at more than 70 showflats across Singapore.
The bank said it has deployed more than 100 mortgage bankers to the various showflats. Each has an iPad connected to UOB's credit evaluation system, which is linked to the Credit Bureau of Singapore.
This means potential home buyers can obtain approval on the spot instead of an in-principle approval, said loans division head Chia Siew Cheng at a briefing on Thursday at the Archipelago showflat in Bedok Reservoir, which is among the 76 showflats included.
The difference between the two is that an in-principle approval is not a formal offer but the instant approval is.